Helpful Tips for the Entrepreneur

When Starting a Small Business, Don’t Forget To…

Remember...

Remember that YOU and only YOU are the reason for the success or failure of your business. This fact alone should help you decide whether being a full-time business owner is what you really want to do.

Develop a Strategy

Develop a time management strategy for your life and your relationship to your enterprise that allows you the necessary time to grow your business while still being able to engage in other meaningful life activities.

Set Priorities

Create a system of high and low priorities that will allow you to focus on those tasks that matter to the sustainability of your business.

Avoid Bad Habits

Organize

Realize that managing a business includes organizing people, time and money. All three elements are integral parts of any successful business.

Follow your Money

Follow your money by creating financial statements that address the various ways that money flows in and out of a business entity (Income Statement, Balance Sheet and Cash Flow).

Establish Goals

Have goals! Create goals that are realistic, written and measurable. Start small and expand over time.

Choose a Market

Choose a narrowly defined target market of customers to concentrate on rather than trying to appeal to everyone. Your products or services should ideally meet a human need but not everyone will be an appropriate match so concentrate your time, money and marketing efforts only on those who have particular characteristics (age, ethnicity, gender, geographic location, education, class, etc.).